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Flies and Tigers | 鎶撹潎鎵撹檸

Ex-CNPC boss jailed for 15 years over bribe-taking

Source: Xinhua | January 20, 2017, Friday | Print Edition

LIAO Yongyuan, former general manager of the China National Petroleum Corporation, was sentenced to 15 years in prison yesterday for accepting bribes and holding a large sum of property from unidentified sources.

Dezhou Intermediate People’s Court in Shandong Province also fined Liao 1.5 million yuan (US$220,000). It ordered all unaccounted for funds and assets must be turned over to the state.

The court found that from 1997 to 2014, Liao took advantage of his positions to help others with business operations and job promotions. From 2003 to early 2015, he directly or indirectly accepted money and gifts worth over 13.4 million yuan.

Liao was also found to have property worth 21 million yuan with no identifiable source to pay for it.

Liao served as assistant general manager, vice general manager and general manager of the company. The court showed leniency as Liao admitted his crimes and voluntarily turned over the proceeds.

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